But the extent of the damage remains unknown, with the city hopeful of releasing its draft budget "very soon".

The draft is expected to be released at the council's May 20 meeting.

But the pandemic's impact on the city's finances was referenced numerous times during last night's meeting - the first the council has held virtually since the outbreak of COVID-19.

The April meeting was postponed, with the council citing concerns about gathering in person.

Mr Niemann took the opportunity to address listeners during the community recognition section of the meeting - an unusual move - with the city's financial considerations rating a mention.

He used the word 'difficult' to describe the situation.

"There are significant impacts coming as a result of the COVID-19 pandemic and that will impact on our business, as well as many other businesses across Greater Bendigo," Mr Niemann said.

He said the city had already experienced some pain, and had done forecasting for the financial year.

Mr Niemann did not detail what the forecasting revealed, going on to mention work on the next budget.

Throughout the evening, numerous councillors spoke about the efforts businesses were taking to adapt and the pains the community endured - and was likely to endure for some time.

Meanwhile, the City of Ballarat proposed to borrow $17m in response to a $20m shortfall attributed to COVID-19.